Transaction fees will go up for sure, to make up for the difference...
What happens when bitcoin distributes another 11 billion coins and then there's no more blocks to get as the maximum coins have been given by the system? What happens then? Do they make more somehow, or the cost rise and it rises too high to the point where no one wants a bitcoin anymore?
Probably the transactions fees will go up to get an incentive for miners in order to help secure the network.